Poundland: Sterling Surges on Retail Sales

The U.K. pound extended gains to trade at the highest level against the U.S. dollar in seven months after a much stronger-than-expected reading of retail sales data in Europe's second-largest economy.

Britain's Office for National Statistics said April retail sales rose by 2.3% from the previous month, more than double the rate expected by economists, and said "anecdotal evidence from retailers suggests that good weather contributed to growth." The April boost also lifted the three-month average of the data set to show a 0.3% annual advance from the previous period.

READ MORE: 

U.K. Pound Tops 1.30 Mark Against U.S. Dollar After April Retail Sales Surge

This article was written by a staff member of TheStreet.